Crude Oil Tumbles as Iran Sinks Hopes of
Production Freeze
On Monday, crude oil futures declined close to 4 percent after Iran sunk hopes of
an organized production freeze any time soon between OPEC and non-OPEC
producers. This assessment turned market sentiment bearish, encouraging
investors who bought last week on the news to take profits.
FOMC meeting on March 15 – 16. A hawkish Fed statement could force
U.S. interest rates higher, helping to underpin the U.S. Dollar while
pressuring the dollar-denominated gold market. A dovish Fed will be supportive
for gold prices.
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